Garmin Ltd. (NYSE:GRMN) Position Increased by Prudential PLC

Prudential PLC increased its position in shares of Garmin Ltd. (NYSE:GRMN) by 119.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,033 shares of the scientific and technical instruments company’s stock after acquiring an additional 1,652 shares during the quarter. Prudential PLC’s holdings in Garmin were worth $494,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Clearstead Trust LLC purchased a new stake in Garmin in the 1st quarter worth about $30,000. Family Firm Inc. purchased a new stake in shares of Garmin in the second quarter worth approximately $35,000. Frazier Financial Advisors LLC acquired a new stake in shares of Garmin during the fourth quarter worth approximately $33,000. West Oak Capital LLC purchased a new position in Garmin during the second quarter valued at approximately $53,000. Finally, EdgeRock Capital LLC acquired a new position in Garmin in the 2nd quarter valued at approximately $76,000. Hedge funds and other institutional investors own 73.41% of the company’s stock.

Insider Buying and Selling at Garmin

In other Garmin news, Director Philip Straub sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now owns 88,622 shares of the company’s stock, valued at approximately $16,081,348.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Cheng-Wei Wang sold 10,055 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $177.16, for a total transaction of $1,781,343.80. Following the transaction, the insider now directly owns 40,965 shares in the company, valued at $7,257,359.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Philip Straub sold 2,750 shares of Garmin stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $181.46, for a total value of $499,015.00. Following the sale, the director now directly owns 88,622 shares in the company, valued at approximately $16,081,348.12. The disclosure for this sale can be found here. Insiders sold 12,892 shares of company stock worth $2,296,174 over the last ninety days. Company insiders own 19.54% of the company’s stock.

Garmin Price Performance

Shares of NYSE:GRMN opened at $172.68 on Friday. The stock has a market capitalization of $33.19 billion, a P/E ratio of 24.36, a P/E/G ratio of 3.16 and a beta of 1.00. The business has a 50-day moving average of $173.80 and a two-hundred day moving average of $161.14. Garmin Ltd. has a fifty-two week low of $99.61 and a fifty-two week high of $184.42.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.18. Garmin had a return on equity of 17.09% and a net margin of 24.36%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the prior year, the business earned $1.45 earnings per share. The company’s revenue was up 14.3% on a year-over-year basis. As a group, research analysts expect that Garmin Ltd. will post 6.05 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.00 annualized dividend and a yield of 1.74%. Garmin’s dividend payout ratio (DPR) is presently 42.31%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Barclays cut shares of Garmin from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $181.00 to $133.00 in a report on Friday. StockNews.com downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Bank of America cut Garmin from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $165.00 to $150.00 in a research note on Wednesday, May 22nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $151.33.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.